Posted on: 30th Sep, 2009 01:29 pm
If a condo Board gets a bank loan at an interest rate of 5.25% can they legally charge the condo owners a rate of 7% in paying back the loan over a period of 15 years.
this is only an opinion: if you allow them to do so, and repay according to that schedule, then i guess it's legal. after all, the board is (presumably) made up of owners to begin with.
They can't decided about it alone. it has to be approved by board.
hello...the board is who i'm talking about and the board is usually made up of owners, right?